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Highlights:
- Revenue Growth: Accesso Technology Group reports a 5.2% increase in revenue, reaching US$69.2 million for the first half of the year.
- Operational Challenges: Performance impacted by project delays and lower guest volumes in the attractions sector, prompting revised full-year guidance.
- Leadership Changes: Matthew Boyle appointed as permanent Chief Financial Officer, succeeding Fern MacDonald, who recently passed away.
Accesso Technology Group PLC (LSE:ACSO) has announced a 5.2% increase in revenue for the first half of the year, reporting US$69.2 million, compared to US$65.8 million in the same period last year. However, the company noted that flat cash EBITDA and ongoing challenges in the attractions sector, particularly lower guest volumes, have impacted overall performance. The provider of technology solutions for leisure, entertainment, and cultural venues highlighted a delay in a crucial project as a significant factor affecting results.
Chief Executive Steve Brown addressed these challenges in the interim results statement, noting that the company has implemented measures to control costs and maintain margins in the second half of the year. “With the key trading periods of July and August in hand, we are tracking towards our revised full-year outlook,” he stated, reflecting a focus on adapting to market conditions.
Accesso’s performance, on an organic basis, was broadly in line with expectations, although it was hampered by delays in the rollout of its Accesso Horizon ticketing and visitor management product. Brown emphasized that this project remains a major validation of the company’s acquisition strategy, maintaining confidence in its overall contract value.
The attractions sector has faced a downturn in guest volumes, a trend that continued through the peak trading months of July and August. Brown indicated that while the company’s new guidance accounts for this softness, normalization is anticipated as operators adjust pricing and promotional strategies to align with current consumer expectations.
Despite these challenges, the group reported a statutory profit before tax of US$295,000, a notable improvement compared to a loss of US$863,000 in the prior year. Net cash at the end of the reporting period stood at US$18.3 million. Additionally, Accesso announced the permanent appointment of Matthew Boyle as Chief Financial Officer. Boyle, who has been with the company for five years, was previously interim CFO following the departure of Fern MacDonald due to illness.
Brown acknowledged the passing of MacDonald, emphasizing her contributions to the company.
